Antony Waste Secures ₹750 Million Japanese Investment for Waste

Antony Waste Handling Cell has announced a landmark strategic partnership with Japan-based JFE Engineering Corporation, marking the first Japanese foreign direct investment into India's waste-to-energy sector. The deal involves a ₹750 million investment by JFE Engineering to acquire a 25% equity stake in two Special Purpose Vehicles developing waste-to-energy facilities in Andhra Pradesh.

Investment Structure and Project Details

The partnership encompasses two specific waste-to-energy projects through dedicated SPVs - Kadapa Renew Energy Private Limited and Kurnool Renew Energy Private Limited. Both entities were incorporated specifically for establishing waste-to-energy projects in Andhra Pradesh, representing a significant expansion of renewable energy infrastructure in the region.

Parameter: Details Total Investment: ₹750 million JFE Engineering Stake: 25% in each SPV Antony Lara's Stake: 75% in each SPV Processing Capacity: 1,000 tonnes MSW per day per plant WtE Plant Capacity: 750 tonnes per day per plant Power Generation: 15 MW per plant (30 MW combined) PPA Tariff: ₹8.10 per unit Concession Period: 20 years Total Project Revenue: ₹3,200 crores over concession period Financing Structure: 75% debt / 25% equity

Project Timeline and Commercial Operations

Construction of both projects is expected to be completed within 24 months, with commissioning targeted for Q1 FY29. The projects were awarded in August 2025 and represent a significant milestone in India-Japan strategic partnership on sustainable infrastructure, aligned with the India-Japan Joint Vision 2025 targeting ¥10 trillion of Japanese investment into India's priority sectors.

Shareholding Restructuring and Governance

The transaction will fundamentally alter the ownership structure of both SPVs. Currently, Kadapa Renew Energy Private Limited and Kurnool Renew Energy Private Limited are wholly owned subsidiaries of Antony Lara Enviro Solutions Private Limited. Upon completion of the investment, JFE Engineering Corporation will acquire a 25% minority equity stake in each SPV through primary share issuance.

Governance Aspect: Details Board Representation: JFE nominee on each SPV board Decision Rights: Protective shareholder reserved matters EPC Contractor: JFE Engineering India Technology Partner: JFE Engineering Corporation Global Experience: 250+ waste treatment facilities

Strategic Significance and Market Impact

This investment marks JFE Engineering Corporation's entry into India's waste management market, bringing advanced technology and engineering excellence to support sustainable infrastructure development. India generates nearly 150,000 tonnes per day of municipal solid waste, yet less than 5% of its estimated 5,600 MW waste-to-energy potential has been harnessed, highlighting significant opportunity for scalable solutions.

Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell Limited, commented: "This investment marks a defining moment for India's Waste-to-Energy sector. It validates our execution capabilities, governance standards, and long-term vision. Partnering with JFE Engineering enables us to combine global technology leadership with deep local expertise to build scalable and environmentally responsible infrastructure."

Akira Usui, Director of Recycling Business Promotion Division at JFE Engineering Corporation, added: "This investment reflects our strong belief in India's Waste-to-Energy opportunity and in Antony Waste as a trusted and capable partner. As our first investment in India's waste sector, it underscores our long-term commitment to bringing advanced technology and engineering excellence to support sustainable infrastructure development in the country."

Antony Waste Handling Cell Limited has exercised 4,414 equity shares under its Employee Stock Option Plan 2022, as announced in a regulatory filing dated April 07, 2026. The exercise was conducted at ₹170 per share through the trust route for eligible employees.

ESOP Exercise Details

The share exercise generated total proceeds of ₹7,50,380 for the waste management company. The shares carry a face value of ₹5 each with a premium of ₹165 per share.

Parameter: Details Number of Shares Exercised: 4,414 Exercise Price: ₹170 per share Face Value: ₹5 per share Premium: ₹165 per share Total Amount: ₹7,50,380 Exercise Method: Trust route

Share Capital Impact

Following this ESOP exercise, the company's share capital structure has been updated. The newly issued shares rank pari passu with the existing share capital and carry no lock-in restrictions.

Metric: Post-Exercise Position Total Issued Shares: 2,83,82,100 Total Issued Share Capital: ₹14,19,10,500 ISIN Number: INE01BK01022 Lock-in Details: Nil

Regulatory Compliance

The exercise was conducted under the AWHCL Employee Stock Option Plan 2022, which was originally filed with stock exchanges on November 3, 2022. The shares were issued on December 14, 2023, and are listed on both BSE Limited and National Stock Exchange of India Limited.

The company has fulfilled its disclosure obligations under Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and Regulation 10(c) of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The announcement was signed by Company Secretary and Compliance Officer Harshada Rane.

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